EduFund, Heliware and AuraML raise early-stage funding

EduFund, Heliware and AuraML raise early-stage funding

By K Amoghavarsha

  • 04 May 2023
EduFund, Heliware and AuraML raise early-stage funding
L to R: Abhisek Agarwal, Eela Dubey, Arindam Sengupta and Niraj Satnalika, executives at EduFund

Edu fintech platform EduFund, deeptech startup Heliware and artificial intelligence-based image data firm AuraML have raised early-stage funding, the companies said on Thursday.

Ahmedabad-based edu fintech platform EduFund has raised pre-Series A funding of $3.5 million (around Rs 28 crore) led by MassMutual Ventures, the venture capital arm of US-based insurance firm Massachusetts Mutual Life Insurance Company.

The company also tapped DSP Investment Managers, Anchorage Capital Partners and fintech unicorn Cred’s founder Kunal Shah for the fresh round. 
“With this infusion, we are looking to onboard more customers. We have grown 12x in the last fiscal year and look to chase 10x growth on a larger base. Our loan business has also grown 15x in the last fiscal,” EduFund’s co-founder Eela Dubey told VCCircle. 
The platform will also deploy the proceeds for product expansion and developing its technology stack.


Founded by Dubey and Arindam Sengupta in 2020, EduFund offers a full stack solution to help parents to save for their ward's education across different asset classes to meet these rising education costs over time. It also helps parents with financing needs by providing education loans and scholarships. 

In January last year, EduFund, raised $1 million in a seed funding round led by Anchorage Capital Partners, along with ViewTrade Holding Corp and other angel investors.  


Deeptech startup Heliware has raised $855,588 (around Rs 7 crore) in a pre-series A funding round led by Amit Engineers, with participation from Jito Angel Network.

The Gurugram-based startup will use the fresh funds for product expansion and hiring.
Founded in 2018, Heliware is a deeptech startup whose technology renders any size of geospatial data in 3-dimensional form and provides insight directly on a map, thus helping companies analyse project sites directly through maps.  
The company claims to have increased its revenue by 106 percent year-on-year (YoY). 
It has recently partnered with tech firms across the world such as GfK in Southeast Asia and Echo Analytics in Europe, to improve its technology and expand its reach. 
Artificial intelligence (AI)-based image data platform AuraML has secured $230,000 (Rs 1.8 crore) in a pre-seed funding round from Indian Angel Network (IAN). 
The Bengaluru-based company will use the capital for product development, hiring talent and geographical expansion in the US and European markets.  
Launched in January this year by Ayush Sharma and Arjun Gupta, AuraML provides a synthetic data platform that enables computer vision teams to generate synthetic image datasets in a cost-effective and time-saving manner. 
“This investment will help us take the technology from a prototype to a fully functioning product. We plan to utilize these funds to hire our founding engineering team, develop technologies and expand our global presence in the US and European markets. This funding will also help us work on building generative AI-based intellectual property (IP),” said Sharma.


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